#255

Overview Clare Capital Tech Insights 255 - The gaming industry- 20220722; Top 10 Movies and Entertainment company revenues Top 10 Interactive Entertainment company revenues; Sample event prize pools in USD millions Total earnings for selected individuals in USD millions in 2022; Over the last decade it's estimated the gaming industry has fast become a larger industry than music and movies combined. This Tech Insights report takes a closer look into the; industry specifically comparing the relative size of the 'Movies and Entertainment' industry with the 'Interactive Entertainment' (gaming) industry across a number of metrics.; 81; 47; 40; 34; 26; 15; 15; 8; 3; 3; - 25 50 75; World Series Poker 2019; Wimbledon (Tennis); Dota 2 The International 2021; Dota 2 The International 2019; Dota 2 The International 2018; Fortnite World Cup Finals 2019 - Solo; Masters Tournament 2022 (Golf); Honor of Kings World Cup 2021; PDC World Darts Championship; World Snooker Championship 2021; 68; 90; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 2018 2019 2020 2021 2021*; USD Billions; 37 Interactive; Playtika; Square Enix; Bilibili; Take Two Interactive; Sea; Electronic Arts; Nintendo; Activision Blizzard; NetEase; 130; 121; 115; 95; 93; 40; 25; 22; 10; 9; - 50 100 150; Lionel Messi (Football); LeBron James (Basketball); Cristiano Ronaldo (Football); Neymar (Football); Stephen Curry (Basketball); PewDiePie (Gaming); Ninja (Gaming); Shroud (Gaming); TimTheTatman (Gaming); Nickmercs (Gaming); -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 2018 2019 2020 2021 2022; USD Billions; iQIYI; Tencent Music; Endeavor; Warner Music; Live Nation; Universal Music; Spotify; Warner Bros; Netflix; Disney; ■ Sporting; ■ Gaming; PewDiePie's earnings; would put him in the top; 40 for highest earning; athletes in 2022.; 2021* includes estimates of; gaming related revenues; from each of Tencent ; Apple Sony Microsoft and; Google for 2021.; CLARE CAPITAL TECH INSIGHTS; Top 5 Movies and Entertainment companies by market cap (USD billions) Top 5 Interactive Entertainment companies by market cap (USD billions); All time highest grossing films (USD billions inflation adjusted) All time highest grossing games (USD billions inflation adjusted); Disclaimer; The information provided in this report includes estimates and calculations from S&P Global Market Intelligence and other sources. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 100; 200; 300; 400; 500; 600; 700; Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22; Disney Netflix Spotify Warner Bros Universal Music; -; 100; 200; 300; 400; 500; 600; 700; Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22; NetEase Nintendo Activision Electronic Arts Sea; 3.7; 3.3; 3.1; 3.1; 2.8; 2.6; 2.5; 2.4; 2.2; 2.2; - 2 4; Gone with the Wind (1939); Avatar (2009); Titanic (1997); Star Wars (1977); Avengers: Endgame (2019); The Sound of Music (1965); E.T. the Extra-Terrestrial (1982); The Ten Commandments (1956); Doctor Zhivago (1965); The Force Awakens (2015); 19.2; 19; 18; 17.4; 14.7; 13.1; 11.2; 10.1; 9.9; 9.7; - 10 20; Pac-Man (1980); Space Invaders (1978); Dungeon Fighter Online (2005); Street Fighter II (1991); Honor of Kings (2015); CrossFire (2007); PUBG (2017); League of Legends (2009); Monster Strike (2013); World of Warcraft (2004); CLARE CAPITAL TECH INSIGHTS

#254

Overview Clare Capital Tech Insights 254 - Cloud Index as of 30 June 2022 - 20220715; NTM Revenue Multiple Index for Public Cloud Companies Listed in the US and ANZ (EV / NTM Revenue); Performance Jun-22 Mar-22 Change Jun-21 Change; US Cloud Index 5.4x 8.6x (37%) 15.9x (66%); US Cloud Index (12MMA) 11.2x 13.1x (15%) 15.3x (27%); ANZ Cloud Index 2.6x 3.7x (31%) 5.4x (52%); ANZ Cloud Index (12MMA) 4.3x 4.9x (14%) 5.8x (27%) Note: NTM = Next 12 months 12MMA = 12 month moving average; This report looks at valuation metrics for cloud companies publicly listed in the United States Australia and New Zealand. The index consists of 93 companies in the United States (US) and 50; companies in Australia/New Zealand (ANZ). It is worth noting that there is a significant company size difference between the two indices with the median EV of US companies at $7.0b NZD; versus $0.24b NZD for ANZ companies. As at the 30th of June 2022 the US Cloud index has had another hard quarter down 37% from the previous quarter to 5.4x NTM revenue. The ANZ; Cloud index has not escaped the downtrend either falling 31% to 2.6x NTM revenue.; 19.6x; 6.6x; -; 2.0x; 4.0x; 6.0x; 8.0x; 10.0x; 12.0x; 14.0x; 16.0x; 18.0x; 20.0x; 31-Dec-17 30-Jun-18 31-Dec-18 30-Jun-19 31-Dec-19 30-Jun-20 31-Dec-20 30-Jun-21 31-Dec-21 30-Jun-22; 5.4x; 2.6x; 11.2x; 4.3x; ANZ Cloud Index; (Median); US Cloud Index; (Median); ANZ Cloud Index; (12MMA); US Cloud Index; (12MMA); CLARE CAPITAL TECH INSIGHTS; NTM Revenue Multiple Index for Public Cloud Companies Listed in the US NTM Revenue Multiple Index for Public Cloud Companies Listed in ANZ; US Cloud Index 25th 75th 90th ANZ Cloud Index 25th 75th 90th; 30-Jun-22 Percentile Median Percentile Percentile 30-Jun-22 Percentile Median Percentile Percentile; EV ($m NZD) 2 471 6 979 20 314 56 442 EV ($m NZD) 7 7 2 45 5 44 2 599; EV / NTM Rev 3.3x 5.4x 7.9x 12.8x EV / NTM Rev 1.2x 2.6x 4.7x 10.0x; Revenue Growth (NTM) 16% 25% 34% 50% Revenue Growth (NTM) 1% 18% 39% 130%; EV / LTM Rev 3.9x 7.0x 10.3x 18.0x EV / LTM Rev 1.6x 3.3x 6.3x 15.4x; Revenue Growth (LTM) 21% 31% 44% 66% Revenue Growth (LTM) 11% 24% 53% 97%; Gross Margin 65% 74% 79% 87% Gross Margin 39% 59% 85% 97%; Operating Margin (38%) (18%) 0% 19% Operating Margin (37%) (14%) 16% 32%; FCF Margin 4% 16% 29% 39% FCF Margin (12%) 1% 16% 30%; Note: The percentiles for each metric are calculated individually.; EV = Enterprise Value LTM = Last 12 months NTM = Next 12 months FCF = Unlevered free cash flow; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 10.0x; 20.0x; 30.0x; 40.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; -; 4.0x; 8.0x; 12.0x; 16.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; 4.7x; 2.6x; 1.2x; 7.9x; 5.4x; 3.3x; 19.6x; 6.6x; Median Market High; (Feb-21); CLARE CAPITAL TECH INSIGHTS

#253

Overview Clare Capital Tech Insights 253 - Buy Now Pay Later Crash - 20220708; Block and Afterpay combined market cap NZ$ billion Combined market cap for ASX listed BNPL companies NZ$ billion; Peak Current Change Peak Current Change; Combined 220.0 63.3 -71% Combined 15.2 1.8 -88%; EV / LTM revenue for Block and Afterpay Combined EV / LTM revenue for companies above (ASX listed BNPL); At the start of 2020 Clare Capital put out a Tech Insights report about Afterpay and the Australian ‘Buy Now Pay Later’ sector. The report showed growth (in revenue and stock prices); and high valuation multiples. The sector continued to grow culminating in the sale of Afterpay for ~NZ$40 billion. The valuations of these businesses have subsequently collapsed.; Although revenue has continued to grow unit economics for a number of these firms have been exposed as extremely challenging.; -; 50; 100; 150; 200; 250; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; Afterpay Block; -; 2; 4; 6; 8; 10; 12; 14; 16; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; Zip EML Tyro Sezzle Humm Splitit Openpay Laybuy; -; 5x; 10x; 15x; 20x; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; -; 5x; 10x; 15x; 20x; -; 20x; 40x; 60x; 80x; 100x; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22; Afterpay Block; Block acquire; Afterpay; CLARE CAPITAL TECH INSIGHTS; Revenue (NZ$m) and Net Income margins for ASX BNPL companies; P&L for selected BNPL companies NZ$m; Openpay Laybuy Sezzle Afterpay; FY21 FY22 FY21 FY21; Gross Merchandise Value 365 868 2 636 23 025; Revenue 28 47 168 898; Provisions for bad debt 13 31 77 209; Revenue less provisions for bad debt 15 16 91 688; Margin 53% 35% 54% 77%; Revenue (NZ$m) and Net Income margins for ASX BNPL companies Employment expenses 30 15 83 162; Other expenses 47 45 108 583; EBITDA (62) (43) (100) (57); Margin (220%) (91%) (59%) (6%); Net loss (68) (52) (110) (168); Margin (242%) (110%) (65%) (19%); Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -4; -3; -2; -1; -; 1; 2; 3; 4; 20; 70; 120; 170; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; FY19; FY20; FY21; FY22; FY18; FY19; FY20; FY21; Splitit Openpay Laybuy Sezzle; -0.7; -0.5; -0.3; -0.1; 0.1; 0.3; 0.5; 0.7; 50; 150; 250; 350; 450; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; FY18; FY19; FY20; FY21; EML Tyro Humm Zip; CLARE CAPITAL TECH INSIGHTS

#252

Overview Clare Capital Tech Insights 252 - IT services companies - 20220701; EV / EBITDA for listed IT services companies by revenue cohort EV / EBITDA for IT services transactions by revenue cohort; EV / Revenue for listed IT services companies by revenue cohort EV / Revenue for IT services transactions by revenue cohort; This report looks at listed IT services companies and transactions of private IT services companies. For each catagory the companies are split into cohorts based on revenue with around; 100 companies in the public company cohorts and 75 in the transaction cohorts. The first page shows the inter-quartile range for EBITDA and revenue multiples across the two categories.; The second page provides a deeper look at some of the public companies including metrics of the largest public IT services companies in the world.; -; 5x; 10x; 15x; 20x; 25x; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; -; 1x; 2x; 3x; 4x; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; Lower Q; Median; Upper Q; Lower Q; Median; Upper Q; -; 1x; 2x; 3x; 4x; <15 15-90 90-330 330+; LTM revenue NZ$m; -; 5x; 10x; 15x; 20x; 25x; <15 15-90 90-330 330+; LTM revenue NZ$m; Lower Q; Median; Upper Q; Lower Q; Median; Upper Q; CLARE CAPITAL TECH INSIGHTS; Revenue per employee for listed IT services companies by revenue cohort NZ$000s EBITDA margins for listed IT services companies by revenue cohort; Comparator metrics for the largest IT services companies; IBM United States 2 81 514 84 011 16% 3.4x 297 17 447 1% 16.1x 21%; Accenture Ireland 2 82 928 91 590 39% 3.1x 115 15 436 40% 18.3x 17%; Tata Consultancy India 2 40 470 36 372 13% 6.6x 66 9 766 11% 24.6x 27%; Infosys India 1 23 415 23 480 21% 5.3x 70 5 925 9% 20.8x 25%; Cognizant United States 5 6 194 27 253 13% 2.1x 82 4 910 17% 11.4x 18%; Capgemini France 5 4 422 30 178 12% 1.8x 93 3 997 19% 13.6x 13%; HCL India 5 1 567 16 527 14% 3.1x 86 3 829 2% 13.5x 23%; Wipro India 4 3 944 15 003 24% 2.9x 61 2 996 9% 14.7x 20%; Fujitsu Japan 3 8 822 42 519 -8% 0.9x 367 4 808 -4% 8.1x 11%; Gartner United States 3 6 334 7 043 18% 5.2x 417 1 666 48% 21.8x 24%; NTT Japan 3 5 967 30 251 1% 1.2x 215 5 127 12% 7.0x 17%; CGI Canada 3 3 921 14 286 4% 2.4x 173 2 517 5% 13.5x 18%; Nomura Japan 2 7 374 7 250 2% 3.8x 530 1 714 7% 16.0x 24%; Mean 100 529 32 751 13% 3.2x 198 6 164 14% 15.3x 20%; Median 51 567 27 253 13% 3.1x 115 4 808 9% 14.7x 20%; Disclaimer; Revenue/employee; NZ$000s; LTM EBITDA; NZ$m; LTM EBITDA; growth; LTM EBITDA; multiple; LTM EBITDA; margin; LTM revenue; multiple; LTM revenue; growth; LTM revenue; NZ$m; Company Name Country EV NZ$m; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 0.05; 0.1; 0.15; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; -; 50; 100; 150; 200; 250; 300; 350; 400; 10-30 30-70 70-140 140-300 300-900 900+; LTM revenue NZ$m; Lower Q; Median; Upper Q; Lower Q; Median; Upper Q; `; CLARE CAPITAL TECH INSIGHTS

#251

Overview Clare Capital Tech Insights 251 - Technology company brand portfolios - 20220624; Sector Apple Amazon Microsoft Alphabet; Electronics /; Appliances; Entertainment /; Music; Social media /; Communications; Retail / Shopping /; Advertising; Other; Revenues Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m); Market cap (USD $m) Market cap (USD $m) Market cap (USD $m) Market cap (USD $m); This Tech Insights report looks at a range of listed technology companies to see the brands/subsidiaries that are owned by these companies. This Tech Insights was influenced by looking; at the brand portfolios of the Fast Moving Consumer Goods (FMCG) sector where a small number of companies (e.g. Nestle Unilever Mondelez) control vast numbers of consumer; brands. Of course the list in this Tech Insights report is not exhaustive.; 386017; 2292793; 477748; 1184912; 192557; 2002137; 270334; 1557259; In a grey box = No; longer operating; CLARE CAPITAL TECH INSIGHTS; Sector Meta Samsung Sony Block; Electronics /; Appliances; Entertainment /; Music; Social media /; Communications; Retail / Shopping /; Advertising; Other; Revenues Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m) Total revenue (USD $m); Market cap (USD $m) Market cap (USD $m) Market cap (USD $m) Market cap (USD $m); Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 16565; 41306; 119666; 475872; 240381; 304163; 81703; 102947; In a grey box = No; longer operating; CLARE CAPITAL TECH INSIGHTS

#250

Overview Clare Capital Tech Insights 250 - Transaction break fees - 20220617; Break fees for M&A transactions between US$100m and US$30b since 2018; NZ transactions with break fees (US$m); $ % $ %; Tilt PowAR 2 635 21 0.79% 21 0.79%; Z Energy Ampol 2 261 14 0.61% 14 0.61%; Trade Me Apax 1 911 13 0.69% na na; Metlifecare EQT 1 038 8 0.81% 8 0.81%; Two Degrees Voyage 900 10 1.14% na na; Abano OTP 274 1 0.29% 1 0.29%; Augusta Capital Centuria 138 1 0.94% na na; Methven GWAIL 101 1 0.81% 1 0.81%; Note: the Augusta deal was cancelled by Centuria; Seller Buyer Value; Seller fee Buyer fee; M&A transactions sometimes have break fees. This is normally a dollar amount to be paid by either the buyer or seller if they pull out of the transaction. Notably the announced Twitter; acquisition by Elon Musk has a break fee of US$1b (2.07%) applicable to both Twitter and Elon Musk. This report looks at all M&A deals over US$100m since 2018 that have a buyer or; seller break fee. The average buyer fee is 2.17% of the transaction value and the average seller fee is 2.23%.; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; 0.09; 0.1; - 5 10 15 20 25 30; Break fee (% of transaction value); Total transaction value US$b (includes announced and cancelled transactions); Seller; Buyer; Same for both; Buyer; only: 23%; Seller; only: 35%; Both: 43%; 1 686 transactions in total; Over 10%; Buyer: 26; Seller: 9; Same for both: 6; Venn diagram of break fees for all transactions; over $US100m since 2018; CLARE CAPITAL TECH INSIGHTS; Break fees for M&A transactions over US$30b since 2018; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Warner Media; Raytheon; Activision Blizzard; Evernorth; Energy Transfer; Anadarko Petroleum (Cancelled); IHS Markit; Xilinx Alexion Red Hat; Andeavor; Kansas City Southern (Cancelled); Cerner; Warner Media; Raytheon; TFCF (Cancelled); Allergan; Sprint; Activision Blizzard; Evernorth; IHS Markit; Fiat Chrysler; Alexion; Xilinx; Andeavor; Kansas City Southern (Cancelled); Celgene; Vmware; Anadarko Petroleum (Closed); Twitter; Worldpay; First Data; Kansas City Southern; Willis Towers Watson (Cancelled); -; 0.01; 0.02; 0.03; 0.04; 0.05; 30 40 50 60 70 80 90 100 110; Break fee (% of transaction value); Total transaction value US$b (includes announced and cancelled transactions); Seller; Buyer; Same for; both; Anadarko paid US$1b to Chevron for cancelling their; proposed transaction and instead transacting with; Occidental Petroleum for an extra US$5.8b.; AON paid a US$1bn break fee to Willis Towers Watson after; the US Department of Justice sued to block the deal on; competition grounds.; KCS paid Canadian National US$1.4b a US$700m termination fee and; the return of US$700m that was originally used to end an earlier; agreement with the eventual acquirer; Canadian Pacific.; CLARE CAPITAL TECH INSIGHTS

#249

Overview Clare Capital Tech Insights 249 - Coinbase - 20220610; Coinbase quarterly revenue and net profit Revenue source over time; Coinbase - Key Business Metrics; Metric Unit Q3 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22; Revenue US$ billions 0.3 1.6 2.0 1.2 2.5 1.2; Monthly transacting users millions 2.1 6.1 8.8 7.4 11.4 9.2; Trading value US$ billions 45 335 462 327 547 309; Asset value on platform US$ billions 36 223 180 255 278 256; Revenue / Trading value % 0.64% 0.48% 0.44% 0.38% 0.46% 0.38%; Trading value / Monthly transacting users US$ 21 429 54 918 52 500 44 189 47 982 33 587; Revenue split (retail / institutional) % 95% / 5% 95% / 5% 94% / 6% 95% / 5% 94% / 6% 96% / 4% 95% / 5%; Asset value split (retail / institutional) % 53% / 47% 50% / 50% 45% / 55% 49% / 51% 45% / 55% 51% / 49% 48% / 52%; Quarterly metric change (%) Unit Q3 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22; Revenue % - 221% 27% (39%) 102% (53%); Monthly transacting users % - 118% 44% (16%) 54% (19%); Trading value % - 276% 38% (29%) 67% (44%); Asset value on platform % - 148% (19%) 42% 9% (8%); 0.5; 0.73; 31786; Coinbase an online platform for buying and selling cryptocurrency went public in April last year (2021) and recently made history as the first crypto company to make the Fortune 500; (based on fiscal 2021 revenue of $7.4 US billion). Revenue is predominately generated from taking a transaction fee for crypto trades across the platform and revenue is therefore related; to the value of the assets traded. This Tech Insights looks at Coinbase's recent performance and correlation of Coinbase's share price with commonly traded cryptocurrencies.; 0.0056; Q4 20; 2.8; 89; 90; Q4 20; 0.33; 0.98; 1.5; -2000; -1000; -; 1000; 2000; 3000; 4000; 5000; 6000; -1; -0.5; -; 0.5; 1; 1.5; 2; 2.5; 3; Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22; Employee count; US$ billions; Revenue Net profit Employee count; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22; Subscriptions; and services; Ethereum; transactions; Bitcoin; transactions; Other crypto; transactions; CLARE CAPITAL TECH INSIGHTS; Coinbase comparators - US$ millions; EV Growth Margin - FY21 EV / Revenue; May-22 FY20 FY21 FY21 FY20 FY21 EBITDA FY21; Coinbase 14 156 12 153 1 275 7 837 515% 582 4 534 58% 1.6x; CME Group Inc. 7 1 140 72 985 4 870 4 679 -4% 3 138 2 990 64% 15.6x; Intercontinental Exchange 5 5 763 69 627 6 036 7 146 18% 3 704 4 344 61% 9.7x; Cboe Global 1 2 065 13 109 3 427 3 495 2% 866 979 28% 3.8x; MarketAxess 1 0 342 10 039 689 699 1% 411 384 55% 14.4x; Median 33 914 41 368 4 149 4 087 2% 2 002 1 984 58% 12.1x; Coinbase share price index (since Coinbase IPO) against main crytpocurrencies price index (Bitcoin Ethereum and Cardano) and S&P500; Disclaimer; Market Cap; Revenue EBITDA; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Name; -; 50; 100; 150; 200; Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22; Index; S&P500 (^SPX); Ethereum (ETH); Bitcoin (BTC); Cardano (ADA); Coinbase (COIN); Correlation (COIN ^SPX) = 0.55; Correlation (COIN ETH) = 0.62; Correlation (COIN BTC) = 0.79; Correlation (COIN ADA) = 0.75; CLARE CAPITAL TECH INSIGHTS

#248

Overview Clare Capital Tech Insights 248 - 2022 market turn - 20220527; NZ/AUS tech companies by market cap since 30 November 2021 Selected global tech companies by market cap since 30 November 2021; There has been a significant fall in technology share prices over the last six months. The combined market value of Meta Apple Alphabet Amazon Tesla and Microsoft has fallen by; US$2.5 trillion since 30 November 2022. This period has also included the war in Ukraine which has driven up oil prices and inflation. Whilst tech stocks are down the price of Brent; Crude has risen 60% over the last six months. Note: over the last six months the NZ$ has fallen 5% relative to the US$.; -; 50; 100; 150; 200; 250; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; NZ$ billion; -; 2; 4; 6; 8; 10; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; US$ trillion; Atlassian (49%); Xero (36%); All other tech companies (28%); Meta (41%); Amazon (34%); Tesla (32%); Alphabet (21%); Apple (11%); WiseTech (16%); Computer; share 25%; Microsoft (18%); Percentage change; over period; Last 6 months total; change (23%); CLARE CAPITAL TECH INSIGHTS; Market cap of selected top performing companies since 30 November 2021 Index performances since 30 November 2021; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 65; 70; 75; 80; 85; 90; 95; 100; 105; 110; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; -; 0.5; 1; 1.5; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; US$ trillion; Merck & Co; 0.24; AbbVie 30%; Philip Morris; 0.24; Chevron 61%; Exxon Mobil 62%; Shell 39%; US Large value; index 5%; ASX 200; -0.01; NZX50; -0.14; NASDAQ; Composite; -0.22; US large; Growth index; -0.22; S&P 500; -0.09; Note: the market cap of Saudi; Aramco has increased from US$1.85t; to US$2.39t over this same period.; Percentage change; over period; CLARE CAPITAL TECH INSIGHTS

#247

Overview Clare Capital Tech Insights 247 - Costco comes to NZ - 20220520; Costco operating income break down (FY21) Costco locations globally (as at Dec 2021); Location Store count New stores (2021); United States and Puerto Rico 572 14; Canada 105 3; Mexico 40 1; Japan 30 3; United Kingdom 29 -; South Korea 16 -; Taiwan 14 -; Australia 13 1; Spain 4 1; China 2 1; France 2 1; Iceland 1 -; Total 828 25; Costco revenue (by geographic segment) EBITDAR margin comparison of local Costco competitors; 25 warehouses opened in 2021 and 30 new stores are planned for 2022; (including in NZ). Costco owns 79% of the land and buildings globally.; One of the world's biggest retail chains is coming to New Zealand. Last month Costco opened a petrol station in West Auckland the store is due to open later this year. Costco is a; member-only retail store and is expected to be at least 20% cheaper than local competition. This Tech Insights report looks at the history of Costco.; -; 50; 100; 150; 200; 250; 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; USD ($b); Other; International; Canada; United States; -; 0.02; 0.04; 0.06; 0.08; 0.1; 2015 2016 2017 2018 2019; EBITDAR margin (%); Woolworths (NZ); Foodstuffs (NI); Foodstuffs (SI); Costco; Data from Commerce Commission NZ Retail Grocery report; 7; -19; -171; 196; 4; 32; 27; 56; 77; - 50 100 150 200; Operating income; SG&A; Merchandise costs (COGS); Total revenue; Membership fees; Ancillary and Other; Fresh Foods; Non-Foods; Food and Sundries; USD ($b); Increase Decrease Total; *EBITDAR - earnings before interest tax depreciation amortisation & rent; CLARE CAPITAL TECH INSIGHTS; Costco share price and number of stores; Selected competitors; USD ($b); Company Name Overview Stores (#) Market Cap EV Revenue EV / EBITDA GM % EBITDA %; Walmart Inc. Hypermarket retail and wholesale 1 1 443 328.1 392.1 576.0 10.3 25% 6.1%; Costco Wholesale Corporation Membership warehouse retailer 828 184.6 182.1 210.2 17.5 13% 4.7%; Target Corporation General merchandise retailer 2 200 72.0 88.2 107.0 8.0 28% 10.0%; The Kroger Co. Supermarket and multi-department retailer 2 863 35.1 53.7 137.9 7.2 23% 4.8%; BJ's Wholesale Club Holdings Inc. Membership warehouse retailer 221 7.1 10.1 17.3 8.5 18% 4.9%; Five Below Inc. Specialty value retailer 1 190 6.5 7.5 2.8 10.3 36% 16.3%; International median 1 695 53.6 71.0 122.4 9.4 24% 5.5%; Woolworths Group Limited Supermarket retailer 3 418 30.0 41.0 42.2 11.9 30% 6.2%; Coles Group Limited Supermarket retailer 2 480 16.8 22.8 28.5 10.2 26% 5.9%; Briscoe Group Limited Homeware and sporting goods retailer 90 0.8 0.9 0.5 8.9 46% 19.1%; The Warehouse Group Limited General merchandise retailer 252 0.7 1.2 2.2 5.5 36% 7.3%; KMD Brands Limited Outdoor clothing and equipment retailer 320 0.5 0.7 0.6 7.5 58% 7.5%; Adairs Limited Specialty home and furnishing retailer 170 0.3 0.5 0.4 5.9 58% 15.9%; Myer Holdings Limited Department store retailer 58 0.3 1.3 1.6 5.6 47% 9.3%; AUS / NZ median 252 0.7 1.2 1.6 7.5 46% 7.5%; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; AUS / NZ International; 592 608 634 663 686 715 741 762 782 795 815; -; 200; 400; 600; 800; 1000; -; 100; 200; 300; 400; 500; 600; 700; 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Number of Costco stores; USD $; Store count as at end of financial year; CLARE CAPITAL TECH INSIGHTS

#246

Overview Clare Capital Tech Insights 246 - History of the NZ stock exchange - 20220516; Timeline of the NZX; The New Zealand stock exchange originated from the 1870s goldrush when the four biggest gold mines served as financial centres. A number of regional exchanges operated for over; 100 years until the New Zealand Stock Exchange was officially formed in 1983.; This report looks at the history of the NZX (Te Paehoko o Aotearoa) and how the exchange has evolved over the past 150+ years. The first page displays key events which formed the; exchange and the second page looks at listed and delisted equities on the NZX since 1992 (both primary and secondary listings).; 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020; 2002; New Zealand Stock Exchange; rebrands to NZX and publicly; lists. Board of directors elected; by shareholders; 2015; NZX acquires SuperLife; and Apteryx (now; NZXWT); 1933; Government float to; establish the Reserve; Bank of New Zealand; 1929; Monthly journal (New; Zealand Stock Exchange; Gazette) created to list; all public shares; 1991; Trading floors closed and all stock; trading was done via computer; systems; 1987; Black Tuesday ; NZ market fell; nearly 60%; over 4 months; 1983; Regional exchanges; amalgamated to form one; national stock exchange based; in Wellington; 1915; Stock Exchange Association of; New Zealand was formed setting; rules for the exchange (up until; 1915 all local exchanges operated; independently); 1900; Local exchange; established in; Christchurch; 1882; Local exchange; established in; Wellington; 1870s; Local exchanges established in; Auckland Thames and; Reefton establishing an; official market; 1866; First local stock; exchange established; in Dunedin; 2020; Trading halt; due to cyberattack; post-trading system (chalkies) electronic call-over (auction) trading system trading system; CLARE CAPITAL TECH INSIGHTS; Number of listed equities on the NZX (companies that have since delisted are shaded); Industry breakdown of listed and delisted NZX equities (since 1992); Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; Delisted equities; Currently listed equities; % of total; Consumer Staples Consumer Discretionary Industrials Health Care Information Technology Real Estate Energy & Utilities Financials Materials Communication Services; -; 20; 40; 60; 80; 100; 120; 140; 160; 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22; Number of NZX listings; Currently listed Delisted; CLARE CAPITAL TECH INSIGHTS

#245

Overview Clare Capital Tech Insights 245 - SaaS revenue per employee - 20220506; Revenue per employee for 50 of the largest SaaS companies in FY21; This report looks at revenue per employee for publicly-listed SaaS companies. The graphs compare the largest global SaaS companies New Zealand SaaS companies and SaaS; companies based on different revenue levels.; Adobe; Trade Desk; GoDaddy; Zoom; Juniper Shopify; F5; Akamai; ResMed; RingCentral; Aspen; Twilio; salesforce.com; Agilent; ServiceNow; Workday; Splunk; Datadog; Veeva Atlassian; WEX; Fortive; TransUnion; Oracle; CommScope; Okta; ZoomInfo; NICE; Cloudflare; Dynatrace; DocuSign; CrowdStrike; MercadoLibre; Tyler Tech; Black Knight; Zendesk; Anaplan; Qualtrics; MongoDB; HubSpot; Zscaler; Change Healthcare; WiseTech; Coupa; Paycom; Manhattan Associates; Bill.com; Xero; Paylocity; Ceridian; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; NZ$000s; -400; -300; -200; -100; -; 100; 200; 300; 400; NZ$000s; Adobe EBITDA per employee - FY21; Xero; Revenue per employee NZ$000s; Upper quartile = 521; Median = 416; Lower quartile = 327; Mean; 442; Red dot = negative EBITDA; CLARE CAPITAL TECH INSIGHTS; Revenue per employee at five of the largest global SaaS companies Revenue per employee at selected NZ SaaS companies; Revenue per employee for 309 SaaS companies - split by revenue size FY21; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 100; 200; 300; 400; 500; 600; 700; 800; <$20m $20m-$100m $100m-$250m $250m-$500m $500m-$1 000m $1 000m-$2 000m $2 000m+; NZ$000s; Legend; n =Number of companies; Upper quartile; Median; Lower quartile; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; FY15 FY16 FY17 FY18 FY19 FY20 FY21; NZ$000s; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; FY15 FY16 FY17 FY18 FY19 FY20 FY21; NZ$000s; Adobe; Shopify; salesforce.com; Oracle; Atlassian; Pushpay; EROAD; Xero; Serko; FY21 revenue NZ$; Mean; n=38 n=55 n=38 n=50 n=51 n=35 n=42; CLARE CAPITAL TECH INSIGHTS

#244

Overview Clare Capital Tech Insights 244 - Elon Musk bids for Twitter - 20220429; Twitter revenue and net income; The deal; FY 2021; Total revenue • On 25 April 2022 Twitter announced its acceptance of a US $44 billion; $5 077 million all-cash offer made by Elon Musk.; • Famously in 2018 Musk tweeted he would take Tesla private for; FY 2021 US $420 a share. Musk and Tesla subsequently paid US $20 million each; Net income to settle charges that he misled investors.; $(221) million • The per-share purchase price for Twitter is US $54.20. Financing; documents Elon Musk submitted in support of his bid were signed on; April 20 (4/20).; Number of Twitter users Deal financing; Musk has secured $46.5 billion to finance the deal.; On 25 April 2022 Twitter accepted Elon Musk's US $44 billion offer for the company. The offer followed his acquisition of a 9.2% stake in Twitter a few weeks earlier and prior to this ; comments by US regulators that Elon Musk's tweets should be regulated. The offer is for an all-cash deal financed through a mixture of debt and equity.; 21; Equity commitment from; Elon Musk; 13.0 Debt financing from; various banks; 12.5; Margin loan secured by; his equity stake in Tesla; -; 10; 20; 30; 40; 50; USD billion; -; 50; 100; 150; 200; 250; Q1; 17; Q2; 17; Q3; 17; Q4; 17; Q1; 18; Q2; 18; Q3; 18; Q4; 18; Q1; 19; Q2; 19; Q3; 19; Q4; 19; Q1; 20; Q2; 20; Q3; 20; Q4; 20; Q1; 21; Q2; 21; Q3; 21; Q4; 21; Millions; -2000; -1000; -; 1000; 2000; 3000; 4000; 5000; 6000; FY2017 FY2018 FY2019 FY2020 FY2021; USD millions; 217 million; users; CLARE CAPITAL TECH INSIGHTS; Twitter share price (USD); As at 1 April:; Share price (USD) 39.31; Enterprise value (USD millions) 30 560; On 4 April Elon Musk took a 9.2% stake in Twitter.; As at 5 April:; Share price (USD) 50.98; Enterprise value (USD millions) 39 884; On 25 April the acquisition of Twitter was announced.; As at 26 April:; Share price (USD) 49.68; Enterprise value (USD millions) 37 010; As per the deal:; Share price (USD) 54.20; Acquisition price (USD millions) 44 000; Share price index of listed social media platforms; FY 2021; Market cap EV / Rev Revenue; USD million USD million; Comparable listed social media platforms; Twitter 37 857 7.2x 5 077; Meta 491 194 4.4x 117 929; Snap 46 946 10.5x 4 117; Pinterest 12 729 4.3x 2 578; Other companies owned by Elon Musk; Tesla 907 980 14.5x 53 823; Neuralink Private Private Private; Space X Private Private Private; The Boring Company Private Private Private; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -0.5; 0.5; 1.5; 2.5; -; 25; 50; 75; Nov 13 Nov 14 Nov 15 Nov 16 Nov 17 Nov 18 Nov 19 Nov 20 Nov 21; Hypothetical return; USD; Share price Return; -; 1; 2; 3; 4; 5; 6; 7; 8; Apr 19 Oct 19 Apr 20 Oct 20 Apr 21 Oct 21 Apr 22; Share price index; Twitter Meta Snap Pinterest; The graph below shows the Twitter share price and the hypothetical return on investment in Twitter at; each point in time. The blue line shows the return on investment in Twitter shares at each point in time; if these shares were held until now. For example an investment in May-16 (share price all time low of; US $14) would have returned an investor 251% today.; -; CLARE CAPITAL TECH INSIGHTS

#243

Overview Clare Capital Tech Insights 243 - SaaS Index as of 31 March 2022 - 20220408; NTM Revenue Multiple Index Public SaaS Companies Listed in the US and ANZ; Note: NTM = Next 12 months 12MMA = 12 month moving average; This report looks at valuation metrics for SaaS (Software-as-a-Service) companies publically listed in the United States Australia and New Zealand. The index consists of 93 companies in the; United States (US) and 50 companies in Australia/New Zealand (ANZ). Keeping in mind the significant size difference in comparing the two indices with the median enterprise values of the; US SaaS Index at $9.8b NZD versus $0.9b NZD in the ANZ SaaS Index. The analysis shows that top performers ANZ performers are able to match the valuation multiples seen in the US; markets.; 19.6x; 6.6x; -; 2.0x; 4.0x; 6.0x; 8.0x; 10.0x; 12.0x; 14.0x; 16.0x; 18.0x; 20.0x; 31-Dec-17 30-Jun-18 31-Dec-18 30-Jun-19 31-Dec-19 30-Jun-20 31-Dec-20 30-Jun-21 31-Dec-21; 8.7x; 3.8x; 13.1x; 5.0x; ANZ SaaS Index; (Median); US SaaS Index; (Median); ANZ SaaS Index; (12MMA); US SaaS Index; (12MMA); CLARE CAPITAL TECH INSIGHTS; NTM Revenue Multiple Index for SaaS Companies Listed in the US NTM Revenue Multiple Index for SaaS Companies Listed in ANZ; US SaaS Index 25th 75th 90th ANZ SaaS Index 25th 75th 90th; 31-Mar-22 Percentile Median Percentile Percentile 31-Mar-22 Percentile Median Percentile Percentile; EV ($m NZD) 3 470 9 608 31 301 68 556 EV ($m NZD) 1 40 3 89 9 27 2 875; EV / NTM Rev 4.9x 8.7x 12.8x 23.1x EV / NTM Rev 2.3x 3.8x 6.0x 13.7x; Revenue Growth (NTM) 17% 26% 34% 48% Revenue Growth (NTM) 13% 25% 49% 129%; EV / LTM Rev 6.0x 10.8x 16.5x 32.5x EV / LTM Rev 2.8x 4.9x 9.2x 22.9x; Revenue Growth (LTM) 22% 34% 50% 67% Revenue Growth (LTM) 6% 21% 41% 90%; Gross Margin 66% 74% 79% 88% Gross Margin 42% 60% 85% 97%; Operating Margin (37%) (17%) (0%) 15% Operating Margin (38%) (12%) 16% 32%; FCF Margin 7% 17% 27% 35% FCF Margin (12%) 4% 23% 34%; Note: The percentiles for each metric are calculated individually.; EV = Enterprise Value LTM = Last 12 months NTM = Next 12 months FCF = Unlevered free cash flow; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 10.0x; 20.0x; 30.0x; 40.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; -; 4.0x; 8.0x; 12.0x; 16.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; 6.0x; 3.8x; 2.3x; 12.8x; 8.7x; 4.9x; 19.6x; 6.6x; CLARE CAPITAL TECH INSIGHTS

#242

Overview Clare Capital Tech Insights 242 - Shortfalls in share issues - 20220401; Share issues on the NZX Non-underwritten share issues on the NZX that had shortfalls; We look at 70 share issues on the NZX in the past two years - in total NZ$5 671 million.; Of this NZ$4 728 million was underwritten and NZ$943 million was not.; 2% of underwritten rights issues were shortfalls; 4% of non-underwritten rights issues were shortfalls; Underwritten share issues on the NZX that had shortfalls; This Tech Insights report looks at share issues by selected NZX-listed companies in the past couple of years. Specifically we look at whether or not these placements were underwritten; and if there was shortfall. For underwritten raises a shortfall becomes a call on the underwriters. For non-undewritten shortfalls this money is simply not raised.; - 10 20 30 40 50 60 70; Cooks Global Foods; Serko; Cannasouth; New Zealand Rural Land Company; Z Energy *; NZD millions; Shortfall; Amount sought; Amount received; - 50 100 150 200; Arvida Group; Asset Plus; SkyCity Entertainment Group; SKY Network Television; Vista Group International; KMD Brands; NZX; NZD millions; 0.02; 0.04; - 20% 40% 60% 80% 100%; Underwritten; Not underwritten; Percentage of total money sought; Shortfall; - 1 000 2 000 3 000 4 000 5 000; Underwritten; Not underwritten; Total money sought (NZD millions); Shortfall; *note this is the SPP component only. There was an additional $290 million fully; underwritten placement.; CLARE CAPITAL TECH INSIGHTS; Share issues on the NZX; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence and NZX announcements. Clare Capital holds no responsibility over; the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 50; - 20 40 60 80 100 120 140 160 180 200; Shortfall (NZD millions); Amount sought (NZD millions); Key: Issues with red; outlines were not; underwrittem; CLARE CAPITAL TECH INSIGHTS

#241

Overview Clare Capital Tech Insights 241 - The Sale of Chelsea FC - 20220325; Chelsea FC revenue (£m); Notable acquisitions of football clubs (£m); ACH (Achievement): Under Abramovich's leadership the club has won 21 trophies; in 19 years. Prior to 2003 Chelsea had only won just one major league title in 1995. Target Club Acquirer Price Revenue Sqd MV P/Rev P/Sqd MV Date; SQD (Squad): Chelsea's squad market value ranks 3rd within the Premier League and Newcastle United PIF consortium 305 153 239 2.0 1.3 2021; 4th globally. Key players include: Lukaku Kante Havertz Mount Arsenal S. Kroenke 1 833 389 583 4.7 3.1 2018; and Silva . PSG QSI 81 82 171 1.0 0.5 2012; GWT (Revenue growth): Chelsea has had limited revenue growth between 2017 to Liverpool NESV 300 185 285 1.6 1.1 2010; 2021 at a compounded annual growth rate of just under 5%. Manchester City S. Mansour 210 82 120 2.6 1.8 2008; GBL (Global presence): Chelsea ranks 6th globally with c. 110M fans across its Manchester United Glazer Family 790 222 201 3.6 3.9 2005; social media following. Chelsea R. Abramovich 140 109 225 1.3 0.6 2003; CPX (Capex requirement): Large capex hurdle requirement for the expansion of Benchmarks; its existing stadium from a capacity of 40 834 to 60 000. Mean 523 174 261 2.4 1.7; MGT (Management): The turnover of management team has been high under High 1 833 389 583 4.7 3.1; Abramovich's leadership with a change of over 10 managers during this period Low 81 82 171 1.0 0.5; averaging at around one year per tenure. Sqd MV = Squad Market Value Note: some are partial acquisitions; This Tech Insights report centres around the recent sale announcement of Chelsea Football Club. This has had a rippling effect in the sporting industry due to its potential of being the; most expensive sports team ever to be sold with a proposed sale price of £3bn. Putting politics aside we take a dive into Chelsea's figures to date as well as comparable club valuations; and acquisition transactions in the football industry. All figures in £m unless otherwise stated.; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 2017 2018 2019 2020 2021; Revenue (£m); Broadcasting Matchday Commercial; 361; 92 GBL; 88 MGT; 70 CPX; 94 ACH; 77 GWT; 92 SQD; Owner Roman Abramovich; Manager Thomas Tuchel; Ground Stamford Bridge; Capacity 40 834; Sqd Value £733m; Valuation; Asking Price: £3bn; EV/Rev: 6.9x; EV/Sqd MV: 4.1x; 443 447; 407; 435; CLARE CAPITAL TECH INSIGHTS; Valaution metrics for a selection of global football clubs (£m) - publicly listed clubs are sourced from S&P Global Market Intelligence and KPMG for private clubs; Team EV Revenue EV/Rev; Benchmarks (excl. Chelsea); Mean 1 084 337 2.7; High Manchester United 2 260 524 4.3; Low Lazio 78 139 0.6; EV Revenue EV/Rev M-o-M Return; Chelsea comparison; 2003 acquisition 140 109 1.3; 2022 proposed 3 000 435 6.9 21.4x; *Note the return excludes Abramovich's £1.5bn in loans; provided over his period of ownership. It has been reported these are; being written off.; Disclaimer; The information provided in this report has been sourced and calculated from third parties such as KPMG and S&P Global Market Intelligence. Clare Capital holds no responsibility over; the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 1; 2; 3; 4; 5; 6; 7; 8; - 500 1 000 1 500 2 000 2 500 3 000 3 500; EV/Revenue multiple; EV; 2022; 2003; Money-on-Money return; multiple for original purchase; vs proposed sale; Manchester United; NYSE: MANU; Mkt cap: £1 759m; EV: £2 260m; EV/Rev: 4.3x; AS Roma; BIT: ASR; Mkt cap: £159m; EV: £414m; EV/Rev: 2.9x; Juventus; BIT: JUVE; Mkt cap: £677m; EV: £733m; EV/Rev: 2.0x; CLARE CAPITAL TECH INSIGHTS

#240

Overview Clare Capital Tech Insights 240 - 2021 Tech Listings in the US - 20220318; Indexed performance of 59 US technology IPOs or direct listings in 2021; This report charts the performance of 59 IPOs or direct listings in the US by technology companies during the 2021 calendar year. The story of 2021 was record valuations and over the; past five months the story appears to have changed with all but one company below their first close price. The median change in share price is down 63% compared to the S&P 500 ; up 12% over the same time period. Time will tell how this will play out in the private markets over 2022.; -; 50; 100; 150; 200; 250; 300; 350; 1-Jan-21 1-Mar-21 1-May-21 1-Jul-21 1-Sep-21 1-Nov-21 1-Jan-22 1-Mar-22; Index; S&P 500: 12%; NZX 50: (10%); Median: (63%); Key performances; Largest all time high: Digital Ocean 206%; Largest all time low: Poshmark (89%); Upper quartile: (53%); Median: (63%); Lower quartile: (65%); S&P 500: 12%; NZX 50: (10%); 8th November 2021 is the beginning of; the downward slide for US technology; listings in 2021.; Upr. Qtr: (53%); Lwr. Qtr: (65%); DigitalOcean; Poshmark; CLARE CAPITAL TECH INSIGHTS; Performance of US technology IPOs or direct listings in 2021 (all currencies are in USD); Share price as of % change as of Valuation metrics as of listing ($m) Current valuation metrics ($m); Top 5 companies Current ATH Listing ATH Listing EV LTM Rev EV/LTM Rev EV LTM Rev EV/LTM Rev; DigitalOcean 47.76 130.26 42.50 (63%) 12% 4 808 318 15x 6 059 429 14x; ZipRecruiter 19.60 32.15 21.10 (39%) (7%) 2 261 430 5x 2 393 741 3x; SentinelOne 30.89 76.30 42.50 (60%) (27%) 11 201 112 100x 9 188 205 45x; Sweetgreen 35.70 53.00 49.50 (33%) (28%) 5 781 303 19x 3 452 340 10x; AppLovin 45.96 114.85 65.20 (60%) (29.5%) 25 129 1 795 14x 22 305 2 793 8x; Bottom 5 companies; Poshmark 11.14 101.50 101.50 (89%) (89%) 7 405 262 28x 399 312 1x; DiDi Global 1.80 16.40 14.14 (89%) (87%) 93 369 27 949 3x 13 920 27 892 0x; Kaltura 1.78 13.61 12.00 (87%) (85%) 1 741 145 12x 139 165 1x; Remitly Global 8.37 48.45 48.45 (83%) (83%) 8 042 354 23x 1 196 459 3x; Allbirds 5.28 28.89 28.89 (82%) (82%) 4 283 260 17x 640 277 2x; Other notable companies; Rivian Automotive 37.00 172.01 100.73 (78%) (63%) 88 066 1 na 24 454 55 445x; Coinbase Global 155.98 357.39 328.28 (56%) (52%) 65 273 2 887 23x 37 595 7 837 5x; Robinhood Markets 11.04 70.39 34.82 (84%) (68%) na 1 675 na na 1 815 na; Benchmarks; Top Quartile 56.39 131.88 120.32 (15%) (53%) 13 590 664 30x 8 038 850 12x; Median 37.07 109.10 100.00 (48%) (63%) 5 942 318 17x 2 748 415 5x; Lower Quartile 28.67 88.89 81.97 (58%) (65%) 2 707 186 10x 975 211 3x; S&P 500 4 262.45 4 796.56 3 809.84 (11%) 12%; NZX 50 11 801.73 13 399.10 13 120.28 (12%) (10%); ** Current = 15 March 2022 ATH = all time high Mth = Month EV = Enterprise Value LTM = Last Twelve Months Rev = Revenue; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Valuation multiples have taken a huge hit; despite trailing revenue increasing over; the period.; The median share price of the 59; companies is down 63% since the first; close price whilst the S&P is up.; Only one company of the 59 has a current; share price that is trading above their first; close price.; CLARE CAPITAL TECH INSIGHTS

#239

Overview Clare Capital Tech Insights 239 - Covid affected industries - 20220311; Tourism Technology share price index Air Travel share price index; Hospitality share price index Entertainment share price index; New Zealand has been substantially cut off from global travel since the outbreak of Covid-19 in March 2020. Two years later and New Zealand’s border has partially re-opened allowing; Kiwis to travel abroad without having to quarantine or spend time in a MIQ facility on return. It is interesting to look at how businesses that are aligned to travel have faired over the last; two years noting the pandemic’s effect on revenue and share price.; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Skycity Vista Crown resorts Formula 1 Live Nation; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Serko Corporate Travel Mgmt.; Tripadvisor Expedia; Booking Holdings Airbnb; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Air NZ Auckland Airport; Qantas Singapore Airlines; Ryanair Lufthansa; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Millennium & Copthorne Hyatt; Royal Caribbean Carnival; Marriott; CLARE CAPITAL TECH INSIGHTS; Name Overview; L24M L12M 1/01/2020 4/03/2022 1/01/2020 4/03/2022; Serko Solutions for online travel bookings and expense mgmt. 0.5 (34%) 8% 16.8x 29.1x 214.7x NM; Corporate Travel Mgmt. Manages travel services for the corporate market. 3.1 (39%) 82% 4.8x 10.6x 16.0x NM; Tripadvisor Online travel company. 5.1 (43%) 57% 2.2x 3.6x 13.1x NM; Expedia Facilitates the booking of accommodation and transport. 48.5 (30%) 74% 1.5x 3.8x 11.9x 53.7x; Booking Holdings Connects travellers with accommodation and transport. 117.2 (28%) 70% 5.6x 7.2x 13.9x 23.9x; Airbnb Global platform for stays and experiences. 126.2 143% 87% NM 14.1x NM 134.5x; Median 26.8 (32%) 72% 4.8x 8.9x 13.9x 53.7x; Air NZ Flagship airline. 4.8 (59%) (21%) 0.8x 2.0x 5.5x 46.0x; Auckland Airport New Zealand's largest airport. 12.0 (64%) (15%) 17.5x 45.3x 22.9x 86.2x; Qantas Flagship airline. 15.9 (63%) (7%) 0.8x 2.2x 4.9x NM; Singapore Airlines Flagship airline. 18.7 (72%) (48%) 1.1x 3.5x 6.7x 52.6x; Lufthansa Flagship airline. 27.3 (54%) 21% 0.4x 0.9x 3.0x 36.0x; Ryanair European discount airline. 27.7 (56%) 35% 2.0x 4.6x 9.5x 105.1x; Median 17.3 (61%) (11%) 1.0x 2.8x 6.1x 52.6x; Millennium & Copthorne Manages hotels and other accommodation in NZ and Australia. 0.3 (28%) (4%) 2.4x 1.8x 6.1x 5.3x; Hyatt International hospitality company. 19.2 (44%) 95% 4.1x 9.1x 13.3x 63.5x; Royal Caribbean Operates as a cruise company worldwide. 53.5 (86%) (27%) 3.7x 24.0x 10.5x NM; Carnival Leisure travel company. 65.7 (91%) (65%) 2.2x 23.5x 8.4x NM; Marriott International hospitality company. 92.0 (37%) 69% 11.5x 18.1x 21.0x 28.3x; Median 53.5 (44%) (4%) 3.7x 18.1x 10.5x 28.3x; Vista Software solutions to the film industry worldwide. 0.4 (32%) 12% 4.4x 4.4x 25.1x NM; Skycity Gaming entertainment hotel convention and hospitality. 2.8 (24%) 13% 3.9x 4.7x 11.5x 18.9x; Crown resorts Australia's largest gaming and entertainment group. 9.9 (41%) 34% 2.8x 5.3x 9.1x NM; Formula 1 Commercial rights for the world championship. 22.6 4% 96% 7.8x 7.3x 35.3x 34.0x; Live Nation Concerts and ticketing. 40.8 (47%) 254% 1.6x 4.6x 16.7x 90.8x; Median 9.9 (32%) 34% 3.9x 4.7x 16.7x 34.0x; L24M = Current revenue vs 24 months earlier; Disclaimer L12M = Current revenue vs 12 months earlier; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Current EV; NZ$b; Revenue growth EV / LTM revenue EV / LTM EBITDA; Entertainment Hospitality Air Travel Tourism Tech; CLARE CAPITAL TECH INSIGHTS

#238

Overview Clare Capital Tech Insights 238 - Meta Platforms - 20220304; Meta Platforms share price; Quarterly revenue and LTM revenue multiple Number of Daily Active Users (millions); On 3 February 2022 the Meta Platforms (previously Facebook) share price fell 26% wiping US$230BN off the market cap. Since the all-time high in September 2021 the share price is; down 47%. This recent drop followed the release of Q4 financials and operating metrics. While revenues were up 20% on the previous year some underlying unit economics were down ; and most importantly – for the first time Meta reported a decline in Daily Active Users from the previous quarter. When your business model is driven by attention that’s a problem.; -; 5; 10; 15; 20; 25; -; 5; 10; 15; 20; 25; 30; 35; 40; 2013 2014 2015 2016 2017 2018 2019 2020 2021; EV / LTM revenue; Quarterly revenue (USD billions); Total revenue EV / LTM revenue; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 41030; 41153; 41275; 41395; 41518; 41640; 41760; 41883; 42005; 42125; 42248; 42370; 42491; 42614; 42736; 42856; 42979; 43101; 43221; 43344; 43466; 43586; 43709; 43831; 43952; 44075; 44197; 44317; 44440; 44562; Share price (USD); Acquired; 41122; for USD 1 billion; Acquired; October 2014 for; USD 20 billion; Acquired; 41821; for USD 2 billion; Rebranded from; to xxxxxxxxxxxx; 44470; Between; 44440; and March 2022; Meta's share price; dropped by 47%.; 42369; LTM Revenue USD 18 billion; 43100; LTM Revenue USD 41 billion; 43830; LTM Revenue USD 71 billion; 44561; LTM Revenue USD 118 billion; -; 500; 1000; 1500; 2000; 2500; 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; CLARE CAPITAL TECH INSIGHTS; The Big Five american technology companies; Market cap Market cap Market cap Market cap Market cap Market cap Market cap Market cap; USD billions % of S&P 500 USD billions % of S&P 500 USD billions % of S&P 500 USD billions % of S&P 500; Meta Platforms 545 1% 3% 411 2% n/a n/a; Apple 2 663 7% 6% 754 4% 559 4%; Amazon.com 1 482 4% 5% 423 2% 92 1%; Microsoft 2 173 6% 5% 509 3% 271 2%; Alphabet 1 745 5% 4% 580 3% 208 2%; Total 8 608 23% 23% 2 676 13% 1 130 9%; S&P 500 3 6 973 100% 100% 2 0 276 100% 1 2 730 100%; Disclaimer; Ten years ago; 7 618; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 839; 2051; 1558; 1778; 1392; 33498; Now One year ago Five years ago; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; -; 2000; 4000; 6000; 8000; 10000; 12000; Apr; 11; Oct; 11; Apr; 12; Oct; 12; Apr; 13; Oct; 13; Apr; 14; Oct; 14; Apr; 15; Oct; 15; Apr; 16; Oct; 16; Apr; 17; Oct; 17; Apr; 18; Oct; 18; Apr; 19; Oct; 19; Apr; 20; Oct; 20; Apr; 21; Oct; 21; Combined Big Five market cap as percentage of S&P; 500; Market cap (USD billions); Amazon.com; Alphabet; Microsoft; Apple; Meta Platforms; Combined Big Five; CLARE CAPITAL TECH INSIGHTS

#237

Overview Clare Capital Tech Insights 237 - Potential Pushpay acquirers - 20220225; Pushpay timeline - EV / LTM revenue; Pushpay financial metrics; This report charts Pushpay’s EV/revenue multiple since the start of 2019 highlighting significant events during that time period. The second page looks at Pushpay’s largest investor ; various competitors and recent transactions of comparable listed businesses.; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22; Enterprise value / LTM revenue; 23/3/21: Huljich family; sells NZ$362m of shares ; bringing holding to; 0.04% compared to; 21.8% in July 2020; 23/8/21: Pushpay acquires Resi; Media for NZ$218m; 14/7/20: Huljich; Family sells; NZ$124m of shares; 6/5/20: Announce FY21; revenue growth of 32%.; 21% increase in share price; -100; -; 100; 200; 300; 400; FY18 FY19 FY20 FY21 FY22 FY23; NZ$ m; Revenue EBITDA; Forecast; CLARE CAPITAL TECH INSIGHTS; New investor Competitors in similar industries; Blackbaud; Sixth Street Partners investments in 'similar' companies: Provides cloud software solutions to various sectors including the faith sector.; AvidXchange: provides Accounts Payable automation software and payment solutions. Comparison NZ$m; AvePoint: offers a SaaS solutions to migrate manage and protect data.; Sprinklr: a unified platform for all customer-facing functions.; Go Fund Me / Classy; GoFundMe operates a social fundraising platform for personal and charity causes.; Classy operates an online fundraising platform for non-profit organisations.; Merger: Classy raised NZ$261m before merging with GoFundMe in January 2022.; NZ$7.5 billion in donations was raised on the GoFundMe and Classy platforms in 2021.; Tithe.ly; Develop a gifting platform for churches. Have raised NZ$29.6m to date.; Recent announced and closed public tech company acquisitions (NZ$m); Company Date Description Acquirer Description Implied EV EV/revenue; MoneyGram Feb-22 Cross-border peer-to-peer payments and money transfer services. Madison Dearborn Private Equity firm. 2 612 1.3x; Link Dec-21 Provides technology-enabled administration solutions. Dye & Durham Provide cloud-based software technology. 4 173 3.4x; Bottomline Dec-21 Solutions for the banking financial services and other industries. Thoma Bravo Private Equity firm. 3 872 5.4x; Aspen Oct-21 Asset optimisation solutions. Emerson Electric Agreement to acquire 55% stake. 15 821 15.1x; GreenSky Sep-21 Enables promotional financing at the point of sale for merchants. Goldman Sachs Global investment bank. 3 350 4.5x; Instructure Dec-19 Cloud-based learning assessment and development systems. Thoma Bravo Private Equity firm. 3 027 7.6x; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Sixth Street Partners: is a gobal investment firm with NZ$90b in AUM. It purchased 17.8% of; Pushpay at NZ$1.85 per share from the Huljich family in March 2021.; -; 20; 40; 60; 80; 100; 120; 140; Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22; Share price index; Pushpay; AvidXchange; AvePoint; Sprinklr; Note: Sprinklr and AvidXchange; indexed to date of listing; Blackbaud Pushpay; EV 6 049 1 180; LTM revenue 1 356 270; EV/LTM revenue 4.5x 4.4x; US revenue split 85% 100%; LTM EBITDA margin 12% 31%; Forward EBITDA margin 26% 29%; Debt 1 475 130; CLARE CAPITAL TECH INSIGHTS

#236

Overview Clare Capital Tech Insights 236 - Xero to Hero - 20220218; Xero EV/LTM revenue multiple; Stock details (as at 18 Feb 2022); Market capitalisation $16 445 million; Cash $1 008 million; Debt $987 million; Enterprise value $16 424 million; Total shares outstanding 149 million; Xero Last 12 Months (LTM) revenue NZ$m Xero Enterprise Value (EV) NZ$m; This report looks at some of Xero's key financial metrics and performance to date specifically their revenue multiple over time. The first page looks at the company since it listed on the NZX in 2007; while the second page dives into its recent data in more detail. Forecast revenue and EBITDA numbers are based on consensus analyst estimates and the subscriber numbers are a Clare Capital; interpolation. Figures in NZ$ unless stated otherwise.; -; 20; 40; 60; 80; 100; 120; 140; Year; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21; LTM revenue (NZ$m); Year; -; 5000; 10000; 15000; 20000; 25000; 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21; EV (NZ$m); Year; -; 200; 400; 600; Latest multiple on; the graph at 24x; CLARE CAPITAL TECH INSIGHTS; Xero subscriber numbers Xero revenue NZ$m and EBITDA margin; *Subscriber forecast numbers are interpolated assuming a flat ARPU figure; Xero key metrics Xero's acquisitions made; Metrics Units FY17 FY18 FY19 FY20 FY21 LTM Acquired company Country Date announced Acquisition price; NZ$ millions; Employee number # 1 721 2 021 2 531 3 055 3 642 4 187 Trilogy Software Canada Dec 21 86; Gross Profit $m 226 330 462 612 730 819 FBP United States Nov 21 27; ARR $m 363 484 638 821 964 1 219 Tickstar Sweden Mar 21 25; Gross Margin % 77% 81% 84% 85% 86% 87% Planday Denmark Mar 21 304; MRR churn % 1.15% 1.10% 1.10% 1.13% 1.01% 0.78% Waddle Loans Australia Aug 20 88; ARPU (monthly) $ 29.0 29.1 29.3 29.9 29.3 30.8 Instafile United Kingdom Nov 18 10; CAC payback # mnths 12.8 12.9 13.6 14.0 14.8 14.1 Hubdoc Canada Jul 18 103; LTV $m 2 200 3 200 4 400 5 500 7 600 9 900 Monchilla United States Nov 14 9; LTV/CAC x 5.7 6.1 6.0 5.8 6.4 8.1 Spotlight workpapers New Zealand Jul 12 0.8; LTV/subscriber $ 2 121 2 310 2 398 2 422 2 789 3 572 WorkflowMax New Zealand Feb 12 6; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence and Xero's annual reports. Clare Capital holds no responsibility over the actual; numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 1000; 2000; 3000; 4000; 5000; 6000; FY17 FY18 FY19 FY20 FY21 FY22F FY23F FY24F FY25F; Subscriber numbers (000s); RoW; North; America; United; Kingdom; New; Zealand; Australia; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; -1500; -1000; -500; -; 500; 1000; 1500; 2000; FY17 FY18 FY19 FY20 FY21 FY22F FY23F FY24F FY25F; EBITDA margin; Revenue NZ$m; Forecast; Forecast; CLARE CAPITAL TECH INSIGHTS